* Beetham Tower, Manchester
FUTURE RENTING NORTH : SPOTLIGHT ON MANCHESTER
Written by Sally Walmsley, Residential Landlords Association, on 24 APRIL, 2018.
Manchester is one of the fastest growing cities in Europe, with more than 11,000 new homes under construction.
Following its annual 'crane survey' earlier this year professional services network Deloitte said that with strong investor confidence, a thriving business community and a growing number of young professionals, demand for homes has never been stronger.
The city also has one of the largest student populations in the UK, with more than 105,000 students – 50% of whom want to remain in the city after they graduate.
Similarly, in a recent report real estate firm JLL describes Manchester as 'one of the world's greatest and most inspirational cities’, with 'one of the most active residential markets in the UK.’
It said price growth has outperformed regional and national averages, with capital growth forecast as 28.2% for 2017 to 2021 – the highest in the UK.
Rental growth for the same period is 20.5%.
The demand for housing will also continue to increase, by an estimated 3,300 a year, according to the figures.
This follows the news that the city centre population has risen fivefold in just 15 years from 10,000 in 2000 to more than 50,000 in 2016 and is expected to be 80,000 by 2024, the fastest growing city centre population in the UK.
According to JLL, employment growth has also outperformed the UK average in the past 20 years and is forecast to continue to grow at a faster rate than the UK average over the next five years.
Deloitte Real Estate partner Simon Bedford said: "Manchester has firmly established itself as one of Europe's fastest growing cities.
"Backed by significant investor confidence, a strong business community, and an influx of new talent, the demand for property, particularly in the residential market has never been more evident.
"We've reached the point where Manchester should be judged by different criteria from other UK regional cities. Manchester is now in a different league, genuinely competing with other Europeans and international cities.”
With this ringing endorsement – in addition to solid figures charting the projected growth in demand for homes of all tenures – it seems there is no better time to invest in Manchester.
But while demand is undoubtedly set to increase, buy-to-let landlords can already see more and more regulation creeping in.
Licensing schemes are already springing up across the city, with two new schemes coming into force on Monday.
Similarly new Metro mayor Andy Burnham has made a number of pledges regarding the PRS, from plans to bring in city-wide licensing to the introduction of a Good Landlord Scheme to 'better regulate landlords and improve standards'-something he has yet to elaborate on.
Burnham is the keynote speaker at the RLA's Future Renting North conference on Tuesday.
Held at the city's Concorde Conference Centre on Tuesday, April 24th, it promises a packed programme of presentations from a range of property experts focussing on the future of the PRS in the North, covering topics as diverse as tax and property tech.